弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)生(sheng)于(yu)紐約市一(yi)個工人(ren)階級的猶太人(ren)家庭，父(fu)親是耶諾·紹爾·弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)（Jeno Saul Friedman），母(mu)親是薩拉·埃特爾·蘭道（Sarah Ethel Landau，1892年(nian)-？），兩人(ren)從奧匈帝(di)國（今烏(wu)克蘭一(yi)帶）移居(ju)美國，在當地(di)邂逅，曾在血汗工廠(chang)工作。弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)是家中(zhong)第一(yi)個孩(hai)子，也是唯一(yi)的男孩(hai)。他的三個妹(mei)妹(mei)包括：蒂(di)莉·F·弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)（Tillie F. Friedman，1919年(nian)-？）、海倫(lun)·弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)（Helen Friedman，1920年(nian)-？）和(he)露(lu)絲·弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)（Ruth Friedman，1921年(nian)-？）。高中(zhong)時，弗(fu)(fu)(fu)里(li)德(de)曼(man)(man)父(fu)親逝世(shi)后，舉家搬到新澤(ze)西(xi)州的羅威市（Rahway）。
他(ta)(ta)16歲前完成(cheng)高中，憑(ping)獎(jiang)學(xue)(xue)(xue)(xue)金入讀羅格斯(si)(si)(si)大學(xue)(xue)(xue)(xue)。原打算成(cheng)為(wei)(wei)精算師的(de)弗(fu)里德(de)曼最初修讀數學(xue)(xue)(xue)(xue)，但(dan)成(cheng)績平平。1932年取(qu)得文學(xue)(xue)(xue)(xue)士(shi)，翌年他(ta)(ta)到芝加(jia)哥大學(xue)(xue)(xue)(xue)修讀碩士(shi)，1933年芝大碩士(shi)畢(bi)業。上第一(yi)堂經濟(ji)課時，座位(wei)是以姓氏字母(mu)編排(pai)，他(ta)(ta)緊隨一(yi)名叫羅斯(si)(si)(si)（Rose Director）的(de)女(nv)生之后(hou)(hou)。兩(liang)人6年后(hou)(hou)結(jie)婚，從此(ci)終(zhong)生不渝(yu)。弗(fu)里德(de)曼曾(ceng)說他(ta)(ta)的(de)作品(pin)無一(yi)不被羅斯(si)(si)(si)審閱，更笑言自己成(cheng)為(wei)(wei)學(xue)(xue)(xue)(xue)術權威后(hou)(hou)，羅斯(si)(si)(si)是唯一(yi)膽敢跟(gen)他(ta)(ta)辯論的(de)人.
畢(bi)業后，他(ta)(ta)曾(ceng)為羅斯福新政工作以(yi)求糊口，批準了許多(duo)早期的新政措施(shi)以(yi)解(jie)決當(dang)時面臨的艱難經(jing)(jing)濟(ji)(ji)情況，尤其(qi)是新政的許多(duo)公共建設(she)計(ji)劃(hua)。輾轉間他(ta)(ta)到(dao)哥(ge)倫比亞大學繼續修(xiu)讀(du)經(jing)(jing)濟(ji)(ji)學，研究(jiu)計(ji)量、制度及實踐經(jing)(jing)濟(ji)(ji)學。返回芝加哥(ge)后，獲(huo)亨利·舒(shu)爾茨(ci)（Henry Schultz）聘任為研究(jiu)助(zhu)理，協助(zhu)完成《需求理論及計(ji)算》論文。為美國(guo)國(guo)家經(jing)(jing)濟(ji)(ji)研究(jiu)局(ju)工作時，他(ta)(ta)1940年曾(ceng)完成一書，指醫(yi)生的壟斷局(ju)面導致他(ta)(ta)們(men)的收入遠(yuan)高于牙醫(yi)，引起局(ju)方爭議，令該書要(yao)在戰后始(shi)能(neng)出版(ban)。
弗里德(de)曼在(zai)威斯康(kang)辛大學(xue)任教了一小段時(shi)間，但(dan)由于(yu)在(zai)經濟學(xue)系里碰上(shang)了反猶主義(yi)者的阻(zu)撓而(er)只(zhi)得返回政府部門(men)工作。
1941年(nian)至(zhi)(zhi)1943年(nian)，他(ta)出任美(mei)國(guo)財(cai)政(zheng)部顧問，研究(jiu)戰時稅務政(zheng)策，曾支(zhi)持凱恩斯主(zhu)義的(de)(de)稅賦政(zheng)策，并且(qie)協助推(tui)廣預扣所(suo)得稅制度(du)。1943年(nian)至(zhi)(zhi)1945年(nian)在(zai)哥倫比亞大學(xue)(xue)參與(yu)Harold Hotelling及W. Allen Wallis的(de)(de)研究(jiu)小組，為(wei)武器(qi)設計、戰略及冶金實驗分(fen)析(xi)數據。1945年(nian)，他(ta)與(yu)后(hou)來的(de)(de)諾貝爾(er)經濟(ji)學(xue)(xue)獎得主(zhu)喬治(zhi)·斯蒂格(ge)勒(le)到明尼(ni)蘇達大學(xue)(xue)任職，1946年(nian)他(ta)獲(huo)哥倫比亞大學(xue)(xue)博士學(xue)(xue)位，隨后(hou)回到芝加哥大學(xue)(xue)教授(shou)經濟(ji)理論(lun)，期(qi)間(jian)再為(wei)國(guo)家經濟(ji)研究(jiu)局研究(jiu)貨幣在(zai)商業周期(qi)的(de)(de)角(jiao)色。這是他(ta)學(xue)(xue)術(shu)上(shang)的(de)(de)重大分(fen)水嶺。
在他的(de)自傳中，弗(fu)里(li)德(de)曼曾(ceng)描述1941至(zhi)43年(nian)為羅斯(si)(si)福新政(zheng)工作時(shi)，“當(dang)時(shi)我(wo)是一(yi)個(ge)徹底的(de)凱恩(en)斯(si)(si)主(zhu)義者”。隨著時(shi)間過去(qu)，弗(fu)里(li)德(de)曼對于經(jing)濟(ji)政(zheng)策的(de)看法(fa)也(ye)逐(zhu)漸轉變，他在芝大成(cheng)立貨(huo)(huo)幣及銀行研究小組，借(jie)著經(jing)濟(ji)史論家(jia)安(an)娜(na)·施瓦(wa)茨的(de)協助，發表(biao)影響(xiang)深遠的(de)《美(mei)國(guo)貨(huo)(huo)幣史》著作。他在書(shu)中挑戰(zhan)凱恩(en)斯(si)(si)學派的(de)觀點，抨擊(ji)他們忽略貨(huo)(huo)幣供應、金融政(zheng)策對經(jing)濟(ji)周(zhou)期及通脹的(de)重要性。
他(ta)接著在(zai)芝(zhi)(zhi)加(jia)哥(ge)大(da)學(xue)(xue)擔任經濟(ji)(ji)學(xue)(xue)教(jiao)(jiao)授，直至1976年(nian)退休。這30年(nian)里(li)他(ta)將芝(zhi)(zhi)大(da)經濟(ji)(ji)系(xi)形塑(su)成緊(jin)密而完整的經濟(ji)(ji)學(xue)(xue)派，力倡自由經濟(ji)(ji)，被稱為芝(zhi)(zhi)加(jia)哥(ge)經濟(ji)(ji)學(xue)(xue)派。在(zai)弗(fu)里(li)德(de)曼的領導下，多名(ming)芝(zhi)(zhi)加(jia)哥(ge)學(xue)(xue)派的成員獲得諾貝爾經濟(ji)(ji)學(xue)(xue)獎(jiang)。他(ta)在(zai)1953年(nian)至1954年(nian)間(jian)以訪問學(xue)(xue)者的身分前往英國劍橋大(da)學(xue)(xue)岡(gang)維爾與凱斯學(xue)(xue)院任教(jiao)(jiao)。從1977年(nian)開始弗(fu)里(li)德(de)曼也加(jia)入了斯坦(tan)福大(da)學(xue)(xue)的胡佛研究所(suo)。弗(fu)里(li)德(de)曼在(zai)1988年(nian)取得了美國的國家(jia)科(ke)學(xue)(xue)獎(jiang)章。
他(ta)在(zai)1980主持了名為“選(xuan)擇(ze)的(de)自由(you)”的(de)節目，并出版了同名的(de)著作，使得他(ta)廣(guang)泛(fan)的(de)被大眾認(ren)識。在(zai)節目中(zhong)他(ta)以(yi)一支鉛筆說明自由(you)市場的(de)原理的(de)片段，成(cheng)為了他(ta)廣(guang)受歡(huan)迎(ying)的(de)一段言論，至今在(zai)網絡上依(yi)然(ran)可以(yi)見到其(qi)蹤影。
他通(tong)常(chang)反(fan)對政(zheng)府干(gan)預的計劃，尤其(qi)是(shi)(shi)(shi)對于(yu)市(shi)場價格的管制，他認為(wei)(wei)價格在(zai)(zai)市(shi)場機制里扮演調度資源所不(bu)可或(huo)缺的信號功能。在(zai)(zai)《美國貨幣(bi)歷史》一書(shu)中，他提出(chu)大蕭(xiao)條其(qi)實(shi)是(shi)(shi)(shi)政(zheng)府對于(yu)貨幣(bi)供應管制不(bu)當所致。后來他在(zai)(zai)2006年說道：“你(ni)知道嗎？很(hen)奇怪的是(shi)(shi)(shi)為(wei)(wei)何人們(men)仍(reng)以為(wei)(wei)是(shi)(shi)(shi)羅斯福的政(zheng)策讓我們(men)脫離了經(jing)濟大蕭(xiao)條。當時(shi)的問題(ti)是(shi)(shi)(shi)，你(ni)有一堆失業(ye)的機器和(he)失業(ye)的人民，你(ni)怎么能靠著成立產業(ye)壟斷(duan)集團和(he)提升(sheng)價格及工資來解(jie)決他們(men)的問題(ti)？”
1992年獲諾貝(bei)爾(er)經(jing)濟(ji)(ji)獎的(de)(de)(de)加里·貝(bei)克形(xing)容(rong)，弗里德曼可能是(shi)全(quan)球最為(wei)人(ren)認識的(de)(de)(de)經(jing)濟(ji)(ji)學家(jia)，“他(ta)(ta)能以最簡單的(de)(de)(de)語言表(biao)達最艱深(shen)的(de)(de)(de)經(jing)濟(ji)(ji)理論(lun)”。他(ta)(ta)亦是(shi)極(ji)出色的(de)(de)(de)演說(shuo)家(jia)，能隨(sui)時即(ji)席演說(shuo)，極(ji)富說(shuo)服力。香港(gang)科(ke)技大學經(jing)濟(ji)(ji)發(fa)展研(yan)究(jiu)中(zhong)心主任(ren)雷鼎鳴形(xing)容(rong)弗里德曼思考快如閃(shan)電(dian)，據說(shuo)辯論(lun)從未輸過。“無人(ren)敢說(shuo)辯贏(ying)了他(ta)(ta)，因與他(ta)(ta)辯論(lun)過已(yi)是(shi)無限光(guang)榮，沒多(duo)少(shao)人(ren)能與他(ta)(ta)說(shuo)上兩分鐘。”
弗里德(de)(de)曼(man)(man)(man)是(shi)學(xue)術世家(jia)。他妻子羅絲是(shi)經(jing)濟學(xue)家(jia)，其妻兄長亞倫·戴(dai)雷科特是(shi)芝加哥大學(xue)聲望(wang)顯(xian)赫(he)的(de)法律學(xue)教(jiao)授。弗里德(de)(de)曼(man)(man)(man)育有兩名子女，包括女兒(er)珍尼·弗里德(de)(de)曼(man)(man)(man)及大衛·弗里德(de)(de)曼(man)(man)(man)，大衛本身是(shi)無政府(fu)資本主義學(xue)說的(de)重要學(xue)者。大衛的(de)兒(er)子Patri畢業于斯(si)坦福大學(xue)，2006年時在(zai)Google任(ren)職。
他于2006年11月(yue)16日在(zai)舊金山家中因心臟病(bing)發引致衰(shuai)竭逝世。
"Professor Pigou's Method for Measuring Elasticities of Demand From Budgetary Data" The Quarterly Journal of Economics Vol. 50, No. 1 (Nov., 1935), pp. 151-163 JSTOR
"Marginal Utility of Money and Elasticities of Demand," The Quarterly Journal of Economics Vol. 50, No. 3 (May, 1936), pp. 532-533 JSTOR
"The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance," Journal of the American Statistical Association Vol. 32, No. 200 (Dec., 1937), pp. 675-701 JSTOR
"The Inflationary Gap: II. Discussion of the Inflationary Gap," American Economic Review Vol. 32, No. 2, Part 1 (Jun., 1942), pp. 314-320 JSTOR
"The Spendings Tax as a Wartime Fiscal Measure," American Economic Review Vol. 33, No. 1, Part 1 (Mar., 1943), pp. 50-62 JSTOR
Taxing to Prevent Inflation: Techniques for Estimating Revenue Requirements (Columbia U.P. 1943, 236pp) with Carl Shoup and Ruth P. Mack
Income from Independent Professional Practice with Simon Kuznets (1945), 弗里德曼的博士(shi)論文
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"Utility Analysis of Choices Involving Risk" with Leonard Savage, 1948, Journal of Political Economy Vol. 56, No. 4 (Aug., 1948), pp. 279-304 JSTOR
"A Monetary and Fiscal Framework for Economic Stability", 1948, American Economic Review, Vol. 38, No. 3 (Jun., 1948), pp. 245-264 JSTOR
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"The Marshallian Demand Curve," The Journal of Political Economy Vol. 57, No. 6 (Dec., 1949), pp. 463-495 JSTOR
"Wesley C. Mitchell as an Economic Theorist," The Journal of Political Economy Vol. 58, No. 6 (Dec., 1950), pp. 465-493 JSTOR
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"The Expected-Utility Hypothesis and the Measurability of Utility", with Leonard Savage, 1952, Journal of Political Economy Vol. 60, No. 6 (Dec., 1952), pp. 463-474 JSTOR
The Methodology of Positive Economics (1953)
Essays in Positive Economics (1953)
"Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy Vol. 61, No. 4 (Aug., 1953), pp. 277-290 JSTOR
"The Quantity Theory of Money: A restatement", 1956, in Friedman, editor, Studies in Quantity Theory.
A Theory of the Consumption Function (1957)
"A Statistical Illusion in Judging Keynesian Models" with Gary S. Becker, Journal of Political Economy Vol. 65, No. 1 (Feb., 1957), pp. 64-75 JSTOR
"The Supply of Money and Changes in Prices and Output", 1958, in Relationship of Prices to Economic Stability and Growth.
"The Demand for Money: Some Theoretical and Empirical Results," Journal of Political Economy Vol. 67, No. 4 (Aug., 1959), pp. 327-351 JSTOR
A Program for Monetary Stability (Fordham University Press, 1960) 110 pp
"Monetary Data and National Income Estimates," Economic Development and Cultural Change Vol. 9, No. 3, (Apr., 1961), pp. 267-286 JSTOR
"The Lag in Effect of Monetary Policy," Journal of Political EconomyVol. 69, No. 5 (Oct., 1961), pp. 447-466 JSTOR
Price Theory ISBN 0-202-06074-8 (1962), college textbook
"The Interpolation of Time Series by Related Series," Journal of the American Statistical Association Vol. 57, No. 300 (Dec., 1962), pp. 729-757 JSTOR
"Should There be an Independent Monetary Authority?", in L.B. Yeager, editor, In Search of a Monetary Constitution
Inflation: Causes and consequences, 1963.
"Money and Business Cycles," The Review of Economics and Statistics Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 JSTOR
A Monetary History of the United States, 1867-1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
"Money and Business Cycles" with A. J. Schwartz, 1963, Review of Economics & Statistics.
"The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1898-1958", with D. Meiselman, 1963, in Stabilization Policies.
"A Reply to Donald Hester", with D. Meiselman, 1964
"Reply to Ando and Modigliani and to DePrano and Mayer," with David Meiselman. American Economic Review Vol. 55, No. 4 (Sep., 1965), pp. 753-785 JSTOR
"Interest Rates and the Demand for Money," Journal of Law and Economics Vol. 9 (Oct., 1966), pp. 71-85 JSTOR
The Balance of Payments: Free Versus Fixed Exchange Rates with Robert V. Roosa (1967)]
"The Monetary Theory and Policy of Henry Simons," Journal of Law and Economics Vol. 10 (Oct., 1967), pp. 1-13 JSTOR
"What Price Guideposts?", in G.P. Schultz, R.Z. Aliber, editors, Guidelines
"The Role of Monetary Policy." American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1-17 JSTOR presidential address to American Economics Association
"Money: the Quantity Theory", 1968, IESS
"The Definition of Money: Net Wealth and Neutrality as Criteria" with Anna J. Schwartz, Journal of Money, Credit and Banking Vol. 1, No. 1 (Feb., 1969), pp. 1-14 JSTOR
'Monetary vs. Fiscal Policy with Walter W. Heller (1969)
"Comment on Tobin", 1970, Quarterly Journal of Economics
"Monetary Statistics of the United States: Sources, methods. with Anna J. Schwartz, 1970.
"A Theoretical Framework for Monetary Analysis," Journal of Political Economy Vol. 78, No. 2 (Mar., 1970), pp. 193-238 JSTOR
The Counter-Revolution in Monetary Theory 1970.
"A Monetary Theory of National Income", 1971, Journal of Political Economy
"Government Revenue from Inflation," Journal of Political Economy Vol. 79, No. 4 (Jul., 1971), pp. 846-856 JSTOR
"Have Monetary Policies Failed?" American Economic Review Vol. 62, No. 1/2 (1972), pp. 11-18 JSTOR
"Comments on the Critics," Journal of Political Economy Vol. 80, No. 5 (Sep., 1972), pp. 906-950 JSTOR
"Comments on the Critics", 1974, in Gordon, ed. Milton Friedman and his Critics.
"Monetary Correction: A proposal for escalation clauses to reduce the cost of ending inflation", 1974
The Optimum Quantity of Money: And Other Essays (1976)
Milton Friedman in Australia, 1975 (1975)
Milton Friedman's Monetary Framework: A Debate with His Critics (1975)
"Comments on Tobin and Buiter", 1976, in J. Stein, editor, Monetarism.
"Inflation and Unemployment: Nobel lecture", 1977, Journal of Political Economy. Vol. 85, pp. 451-72. JSTOR
"Interrelations between the United States and the United Kingdom, 1873-1975.", with A.J. Schwartz, 1982, J Int Money and Finance
Monetary Trends in the United States and the United Kingdom: Their relations to income, prices and interest rates, 1876-1975. with Anna J. Schwartz, 1982
"Monetary Policy: Theory and Practice," Journal of Money, Credit and Banking Vol. 14, No. 1 (Feb., 1982), pp. 98-118 JSTOR
"Monetary Policy: Tactics versus strategy", 1984, in Moore, editor, To Promote Prosperity.
“Lessons from the 1979-1982 Monetary Policy Experiment, ” Papers and Proceedings, American Economic Association. pp. 397-401. (1984).
"Has Government Any Role in Money?" with Anna J. Schwartz, 1986, JME
"Quantity Theory of Money", in J. Eatwell, M. Milgate, P. Newman, eds., The New Palgrave (1998)
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"Franklin D. Roosevelt, Silver, and China," Journal of Political Economy Vol. 100, No. 1 (Feb., 1992), pp. 62-83 JSTOR
Chao, Hsiang-ke. "Milton Friedman and the Emergence of the Permanent Income Hypothesis" History of Political Economy 2003 35(1): 77-104. Issn: 0018-2702 Fulltext in Project Muse
A.W. Bob Coats; "The Legacy of Milton Friedman as Teacher" Economic Record, Vol. 77, 2001
Frazer, William. Power and Ideas: Milton Friedman and the Big U-Turn. Vol. 1: The Background. Vol. 2: The U-Turn. Gainesville, Fla.: Gulf/Atlantic, 1988. 867 pp.
Hammond, J. Daniel. "Remembering Economics" Journal of the History of Economic Thought 2003 25(2): 133-143. Issn: 1042-7716; focus is on Friedman
Hirsch, Abraham, and Neil de Marchi. Milton Friedman: Economics in Theory and Practice (1990) his methodology
Jordan, Jerry L., Allan H. Meltzer, Thomas J. Sargent and Anna J. Schwartz; "Milton, Money, and Mischief: Symposium and Articles in Honor of Milton Friedman's 80th Birthday" Economic Inquiry. Volume: 31. Issue: 2. 1993. pp 197+.
Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002)
Leeson, Robert, ed. Ideology and International Economy: The Decline and Fall of Bretton Woods (2003)
Powell, Jim. The Triumph of Liberty (New York: Free Press, 2000). See profile of Friedman in the chapter "Inflation and Depression."
Rayack; Elton. Not So Free to Choose: The Political Economy of Milton Friedman and Ronald Reagan Praeger, 1987; attacks Friedman's policies from the left
Steindl, Frank G. "Friedman and Money in the 1930s" History of Political Economy 2004 36(3): 521-531. Issn: 0018-2702 lecture notes from his 1940 course show he did not criticize the Fed at that time, and did not emphasize money.
Tavlas, George S. "Retrospectives: Was the Monetarist Tradition Invented?" Journal of Economic Perspectives 1998 12(4): 211-222. Issn: 0895-3309 Fulltext in JSTOR
Stigler, George Joseph. Memoirs of an Unregulated Economist (1988)
Wahid, Abu N. M. ed; Frontiers of Economics: Nobel Laureates of the Twentieth Century. Greenwood Press. 2002 pp 109-15.
《實證(zheng)經濟學論文集》（Essays in Positive Economics）
《消(xiao)費函數(shu)理論》（A Theory of the Consumption Function）
《資本主義與自由(you)》（Capitalism and Freedom）
《自由選擇(ze)》（Free to Choose）
《價格(ge)理論(lun)》（Price Theory：A Provisional Text）
《美國貨(huo)幣史》（A Monetary History of the United States，1867一1960）與施(shi)瓦茲(zi)（Anna J.Schwartz）
弗里德曼(man)(man)最知名的(de)(de)(de)(de)(de)(de)(de)(de)理論(lun)(lun)，是(shi)(shi)他提出的(de)(de)(de)(de)(de)(de)(de)(de)貨(huo)幣(bi)(bi)供給(gei)作(zuo)為決(jue)定生(sheng)產價值基準的(de)(de)(de)(de)(de)(de)(de)(de)因(yin)素，通貨(huo)膨脹(zhang)在(zai)根(gen)本(ben)上源自于(yu)貨(huo)幣(bi)(bi)供給(gei)量的(de)(de)(de)(de)(de)(de)(de)(de)主(zhu)(zhu)(zhu)張(zhang)。貨(huo)幣(bi)(bi)主(zhu)(zhu)(zhu)義是(shi)(shi)現代經(jing)(jing)(jing)濟學在(zai)貨(huo)幣(bi)(bi)數量理論(lun)(lun)的(de)(de)(de)(de)(de)(de)(de)(de)重要觀點之(zhi)一(yi)，這(zhe)種理論(lun)(lun)的(de)(de)(de)(de)(de)(de)(de)(de)根(gen)源可(ke)以(yi)追溯(su)至(zhi)16世紀(ji)西班牙的(de)(de)(de)(de)(de)(de)(de)(de)薩(sa)拉曼(man)(man)卡學派，弗里德曼(man)(man)的(de)(de)(de)(de)(de)(de)(de)(de)貢(gong)獻則是(shi)(shi)現代化了(le)這(zhe)種理論(lun)(lun)，將其推廣為現代經(jing)(jing)(jing)濟學的(de)(de)(de)(de)(de)(de)(de)(de)主(zhu)(zhu)(zhu)流貨(huo)幣(bi)(bi)學說。他在(zai)1963年(nian)與Anna Schwartz合(he)著(zhu)的(de)(de)(de)(de)(de)(de)(de)(de)A Monetary History of the United States一(yi)書中(zhong)檢驗了(le)美國(guo)(guo)歷史(shi)上貨(huo)幣(bi)(bi)供給(gei)和經(jing)(jing)(jing)濟活動之(zhi)間(jian)的(de)(de)(de)(de)(de)(de)(de)(de)關聯。他們(men)得出了(le)驚人結論(lun)(lun)：貨(huo)幣(bi)(bi)供給(gei)一(yi)向是(shi)(shi)經(jing)(jing)(jing)濟活動起伏的(de)(de)(de)(de)(de)(de)(de)(de)唯一(yi)影響(xiang)(xiang)(xiang)來源。又或者如同美國(guo)(guo)聯邦(bang)儲備系統的(de)(de)(de)(de)(de)(de)(de)(de)主(zhu)(zhu)(zhu)席本(ben)·伯南克在(zai)2002年(nian)慶祝弗里德曼(man)(man)90歲生(sheng)日時所描述(shu)的(de)(de)(de)(de)(de)(de)(de)(de)：“有關大蕭條，你是(shi)(shi)正確的(de)(de)(de)(de)(de)(de)(de)(de)，我(wo)們(men)（聯邦(bang)儲備系統）當時的(de)(de)(de)(de)(de)(de)(de)(de)確做錯了(le)。我(wo)們(men)真的(de)(de)(de)(de)(de)(de)(de)(de)很抱歉。”David Meiselman在(zai)1960年(nian)代進行的(de)(de)(de)(de)(de)(de)(de)(de)幾(ji)次研(yan)究(jiu)顯示了(le)貨(huo)幣(bi)(bi)供給(gei)在(zai)決(jue)定經(jing)(jing)(jing)濟投資、以(yi)及政府(fu)開銷在(zai)決(jue)定消費及生(sheng)產總額(e)上的(de)(de)(de)(de)(de)(de)(de)(de)角(jiao)色是(shi)(shi)至(zhi)高無上的(de)(de)(de)(de)(de)(de)(de)(de)。弗里德曼(man)(man)的(de)(de)(de)(de)(de)(de)(de)(de)觀察研(yan)究(jiu)和一(yi)些學說進一(yi)步推展了(le)這(zhe)種結論(lun)(lun)，主(zhu)(zhu)(zhu)張(zhang)貨(huo)幣(bi)(bi)供給(gei)的(de)(de)(de)(de)(de)(de)(de)(de)改變是(shi)(shi)影響(xiang)(xiang)(xiang)經(jing)(jing)(jing)濟生(sheng)產的(de)(de)(de)(de)(de)(de)(de)(de)首要原因(yin)，但長期的(de)(de)(de)(de)(de)(de)(de)(de)影響(xiang)(xiang)(xiang)則是(shi)(shi)由物價水平決(jue)定的(de)(de)(de)(de)(de)(de)(de)(de)。
弗里德曼(man)對(dui)于(yu)消費層面的(de)(de)(de)分析也相當知名，亦(yi)即他(ta)(ta)在(zai)1957年提出(chu)的(de)(de)(de)恒常所得假說(shuo)(shuo)。這個理論(lun)被(bei)一些(xie)(xie)經濟學(xue)者視(shi)為(wei)是他(ta)(ta)在(zai)經濟學(xue)方法論(lun)上(shang)最重(zhong)(zhong)要的(de)(de)(de)貢(gong)獻。他(ta)(ta)其他(ta)(ta)重(zhong)(zhong)要的(de)(de)(de)貢(gong)獻還(huan)包括了對(dui)菲利(li)普斯曲(qu)線的(de)(de)(de)批(pi)評，以(yi)及(ji)他(ta)(ta)提出(chu)的(de)(de)(de)失業率的(de)(de)(de)自然比率的(de)(de)(de)概(gai)念（1968年）。這些(xie)(xie)學(xue)說(shuo)(shuo)都與貨幣(bi)和(he)金融政(zheng)策在(zai)對(dui)經濟的(de)(de)(de)長期及(ji)短期影響上(shang)有(you)關。在(zai)統計學(xue)上(shang)，他(ta)(ta)則(ze)創造出(chu)了知名的(de)(de)(de)弗里德曼(man)測(ce)試。
弗里(li)德曼的論(lun)文(wen)The Methodology of Positive Economics（1953年）則替(ti)他稍后幾十年的研究方法(fa)論(lun)架構了(le)模型，并(bing)且也成為(wei)(wei)了(le)芝加哥經濟(ji)(ji)學(xue)派的主要框架之(zhi)一(yi)(yi)。他主張經濟(ji)(ji)學(xue)身為(wei)(wei)一(yi)(yi)種學(xue)科，應該免(mian)于(yu)客觀的價值(zhi)衡(heng)量(liang)。除此之(zhi)外，一(yi)(yi)個經濟(ji)(ji)理論(lun)有用與(yu)否，不應該是以它(ta)對現(xian)實的描述（例如頭(tou)發(fa)顏色(se)）作為(wei)(wei)衡(heng)量(liang)標準(zhun)，而是應該以它(ta)能否有效作為(wei)(wei)對未(wei)來情況的預測(ce)為(wei)(wei)基準(zhun)。
弗里德曼在理論上有三大貢(gong)獻，首(shou)先是提出現代(dai)貨(huo)(huo)幣數量論，即通(tong)貨(huo)(huo)膨脹起源于“太多的貨(huo)(huo)幣追逐太少的商品”。政(zheng)府(fu)可以(yi)通(tong)過控制(zhi)貨(huo)(huo)幣增長來遏制(zhi)通(tong)脹。這被視(shi)為現代(dai)經濟理論的一場革命(ming)。
其(qi)次(ci)，他(ta)創立消(xiao)費(fei)(fei)函數理論(lun)，對凱恩(en)斯經(jing)濟理論(lun)中的(de)邊際消(xiao)費(fei)(fei)遞減(jian)規律進(jin)行駁(bo)斥。凱恩(en)斯認為(wei)，隨(sui)著社會(hui)財富和(he)個(ge)人收入的(de)增加(jia)，人們(men)用于消(xiao)費(fei)(fei)方(fang)面的(de)支出呈遞減(jian)趨勢(shi)，與此同時儲蓄則(ze)越(yue)來越(yue)多。因此政府可以通過增加(jia)公共支出來抵(di)消(xiao)個(ge)人消(xiao)費(fei)(fei)的(de)減(jian)少(shao)，從而保證經(jing)濟的(de)持(chi)續增長。弗里德曼指(zhi)出，這一理論(lun)站不住(zhu)腳，因為(wei)人們(men)的(de)欲望實(shi)際上永無止境(jing)，原有的(de)得到滿足后(hou)，新的(de)隨(sui)即(ji)產生。
第三，1968年(nian)，弗(fu)里德(de)曼與美國(guo)哥倫(lun)比(bi)亞大學經濟學家菲(fei)爾(er)普同時提出“自然率(lv)假說(shuo)”理論。他(ta)們發現，長期來看，失(shi)業率(lv)與通貨膨脹(zhang)并沒有(you)必然聯系。自然失(shi)業率(lv)永遠存在，是不可消除的。因(yin)此政府的宏觀調控(kong)政策長期來看是不起(qi)任何(he)作(zuo)用的。
1951年：約翰·貝茲·克(ke)拉克(ke)獎（John Bates Clark Medal）
1976年(nian)：諾貝爾經濟學獎
1988年：國家科(ke)學獎章
1988年：總統自(zi)由勛章（Presidential Medal of Freedom）
巧笑倩兮 
